Background in communications for banks and credit unions
Jennifer is a content marketing writer specializing in the financial services and insurance industries. Her areas of expertise include budgeting, building credit, loans, and more.
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Cheapest recent car insurance quotes in Arkansas
Recent Arkansas car insurance prices for GMC, Toyota, Chevrolet , and more.
*Quotes generated for Insurify users from Arkansas within the last 10 days. Last updated on December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users from Arkansas within the last 10 days. Last updated on December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap insurance — also known as guaranteed asset protection — can help protect your finances if you total your leased or financed car or if someone steals it. After your insurance company declares your vehicle a total loss, it typically pays out its actual cash value — not the amount you owe on it.
Gap coverage helps pay the difference between the actual cash value (ACV) of the car and the remaining balance on your loan or lease, if there is one. The average monthly full-coverage car insurance cost is $264 in Arkansas. Adding gap coverage to your policy typically costs another $2 per month.
Here’s what you need to know about securing gap insurance in Arkansas.
Quick Facts
Gap insurance is optional in the state of Arkansas.
Arkansas drivers can purchase gap insurance from dealerships, insurance companies, lenders, and stand-alone providers.
Arkansas only requires drivers to maintain liability coverage.
How gap insurance works
Cars depreciate quickly. When you file a comprehensive or collision claim, the insurance company pays the vehicle’s ACV in the event of a total loss. But the compensation you receive may be less than what you owe on your car loan or lease.[1] In these situations, it’s up to you to make up the difference.
With gap insurance, the insurer covers the difference between the car’s value and what you owe. Without it, you’d have to keep making monthly payments on a vehicle you no longer own or pay off the loan or lease in a lump sum.
What gap insurance covers in Arkansas
Gap insurance policies can help prevent out-of-pocket expenses after a total loss or theft. They can also protect you from rolling negative equity into your next auto loan or lease.
Here’s an example of how gap insurance works.
Say you buy a car for $45,000. A year later, you’re in an accident and the insurance company declares it a total loss. The ACV of the vehicle is $37,000 at the time of the accident. But you still owe $41,000 on your auto loan.
In this case, your insurer would cut the lender a check for $37,000 — minus your deductible — under your collision coverage.[2] If you have gap insurance, it’ll cover the $4,000 you owe to the lender. If you don’t have gap coverage, you must pay the difference yourself.
Important Information
Gap insurance doesn’t cover vehicle repairs, mechanical issues, or injuries from an accident. It also doesn’t typically cover your comprehensive and collision deductible, although there may be exceptions.
Find Car Insurance in Arkansas
Rates average $264 per month for full-coverage policies
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Based on 3,806+ reviews
4.8/5
Best gap insurance companies in Arkansas
Many auto insurers in Arkansas offer gap insurance that can help protect your finances if you’re upside down on your auto loan or lease. Here’s a list of the best car insurance companies in Arkansas that provide gap insurance.
State Farm
User Reviews
4.2
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$30/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$58/mo
4.2
Best choiceBased on 9,243 verified guest reviews and ratings
How drivers feel about State Farm
Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Customer service
Competitive rates
Discounts for safe drivers
How drivers feel about State Farm
Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Customer service
Competitive rates
Discounts for safe drivers
Reviews (5,080)
Al
December 19, 2024
Verified Review
My Opinion
Way too high premium.
Agnes
December 19, 2024
Verified Review
Best Insurance Company
I have been with them for a long time. Claims are handled quickly. I never had a problem, even when I had three teenagers driving.
Gabriel
December 18, 2024
Verified Review
My Experience with State Farm
Beware, some companies are more interested in making money than meeting the customers' needs. My wife had a medical issue while driving, and they covered it. A year later, there was a fender bender involving two moving vehicles. To me, it was no fault, but they considered it a second incident. We also had hail damage to our roof. They said there wasn't enough damage, yet my next-door neighbors received a new one. Now, they're canceling me for too much.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
843
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.78
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
Why we picked this company
State Farm tops our list of the best insurance companies in Arkansas. State Farm’s Payoff Protector product covers the difference between the ACV of your vehicle and your loan balance if you total your car or someone steals it. But it’s only available on loans State Farm Bank originates, and your loan must be in good standing to qualify for a payout under the policy.
Pros
High rates of customer satisfaction
Rideshare insurance available
Cons
Payoff Protector product is only available for loans through State Farm
May not be the cheapest choice for drivers with violations
USAA
User Reviews
4.9
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.4 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$37/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$71/mo
4.9
Best choiceBased on 1,646 verified guest reviews and ratings
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
Reviews (940)
Arlington
December 18, 2024
Verified Review
Mediocre
It's too hard to get past all the checks and balances to verify you're a member. There are too many questions and memory items to get past their firewall. Lastly, everyone is working remotely, and you can hear the family activities in the background.
Peter
December 18, 2024
Verified Review
Not Happy with USAA
They increase premium rates without notifying you well in advance. They even raise the premium for a minor fender bender, like pulling out of a driveway into an illegally parked vehicle.
Donna
December 17, 2024
Verified Review
I was in an accident which was not my fault, and my insurance increased to $118 a month. I don't drive my car much, less than 50 miles a day. Additionally, I have home insurance with USAA and my payment increased by $100. As a veteran, I find this totally wrong.
I was in an accident which was not my fault, and my insurance increased to $118 a month. I don't drive my car much, less than 50 miles a day. Additionally, I have home insurance with USAA and my payment increased by $100. As a veteran, I find this totally wrong.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
879
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
1.35
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
Why we picked this company
USAA offers its members total loss protection with their auto insurance policy. If a covered incident results in a total loss of your vehicle, this coverage pays the difference between what you owe on your auto loan and what your car is worth at the time of the incident.
Pros
High customer satisfaction
Low premiums
SafePilot program rewards good driving with up to 30% discount
Cons
Only available to active-duty military, veterans, military spouses, or children of service members or veterans
No 24/7 customer phone support
Customer reviews are mixed for service and claims processing
Allstate
User Reviews
4.0
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9 /10
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$67/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$129/mo
4.0
Best choiceBased on 5,747 verified guest reviews and ratings
How drivers feel about Allstate
Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.
AI-generated from the text of verified reviews collected by Insurify
Best For
Accident forgiveness
Wide availability
Cheap rates
How drivers feel about Allstate
Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.
AI-generated from the text of verified reviews collected by Insurify
Best For
Accident forgiveness
Wide availability
Cheap rates
Reviews (3,131)
Edward
December 19, 2024
Verified Review
A Company with Many Years of Experience
Allstate has been good for me for many years with mediocre pricing.
Barbara
December 18, 2024
Verified Review
Allstate? Ugh!
Clearly, it's not good, or else why would I be shopping for a new policy.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
816
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.94
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-
Why we picked this company
Gap insurance from Allstate is available on new and used cars, but you must add it to your policy when you finance the purchase of your car. It’s available for all vehicles with loan terms of 96 months or less. Allstate gap insurance covers up to $1,000 of your comprehensive or collision deductible and up to $50,000 of your loan or lease balance after a total loss.
Pros
Well-established with superior ratings from AM Best
Pay-per-mile option available
Cons
Low customer satisfaction
Rates are merely average compared to other insurers
Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page.
The car insurance data includes coverage analysis and details on drivers’ vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums. The data included on this page represent averages across driver ages, genders, credit scores, and driver profiles for Arkansas drivers.
Gap insurance vs. full coverage
Full coverage includes a combination of liability, collision, and comprehensive coverages. It doesn’t include gap insurance.
Liability insurance covers your responsibility to others if you’re at fault in an accident.[3]
Comprehensive and collision coverages pay out the fair market value of the vehicle if a total loss or theft occurs. But full coverage doesn’t pay the difference if you owe more than your car is worth. Adding gap insurance provides an additional layer of protection if you have an auto loan or lease.
Who needs gap insurance in Arkansas?
Gap insurance is an optional coverage in Arkansas and isn’t necessary for every driver. But it may be a good idea if you:
Own a car that depreciates faster than average
Put little money down when you bought your vehicle
Have an extended loan term
Put more miles on your car than the average driver
These scenarios increase the likelihood that you’ll be underwater on your auto loan if your insurer declares your vehicle a total loss within your first few years of owning it. If you lease your vehicle, the leasing company will likely include gap insurance in your contract. But you don’t need to buy it to qualify for a car loan.
You don’t need gap coverage if you don’t have an auto loan or lease. If you made a large down payment when you purchased your car and don’t owe more than the vehicle is worth, you can probably skip this coverage.
You can purchase gap insurance coverage whether you have a used or new car, as long as you meet the insurer’s requirements. You can purchase gap insurance at any of the following:
Car dealerships: You can buy coverage from the dealer when you purchase your vehicle.
Insurance companies: Many, but not all, traditional insurers offer gap insurance. You can usually add gap coverage to your existing auto insurance policy if you have comprehensive and collision coverages.
Lenders: Banks and credit unions may offer gap insurance as part of your loan agreement when you finance your vehicle.
Stand-alone gap providers: Some online companies offer gap coverage as a stand-alone product that you can purchase separately from your auto insurance company.
The cost of gap insurance can vary significantly, depending on where you buy it. Consider consulting an independent insurance agent or lender to compare quotes between plans for the best rate.
Cheapest recent car insurance quotes in Arkansas
Recent Arkansas car insurance prices for Jeep, KIA, Hyundai , and more.
*Quotes generated for Insurify users within the last 10 days. Last updated on December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from December 19, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Gap insurance in Arkansas FAQs
When you owe more than your car is worth, gap insurance can help minimize the financial impact of a total loss. But it’s important to understand how it works so there are no surprises later. Here are answers to some commonly asked questions about gap coverage.
Does Arkansas require gap insurance?
No. Gap insurance is optional in Arkansas. The only coverage Arkansas requires drivers to carry is liability. Arkansas drivers must maintain at least $25,000 per person and $50,000 per accident in bodily injury liability. The state also requires $25,000 per accident in property damage liability.[4]
What exactly does gap insurance cover?
Gap insurance covers the financial gap between your insurance payout for the value of your vehicle and what you owe on an auto loan after you total your car. It can also cover this difference if someone steals your leased or financed vehicle.
What are the cons of gap insurance?
You’ll have to pay a slightly higher car insurance rate, though the extra fee may be worth it if you total your financed or leased vehicle. The optional insurance doesn’t cover repairs for your vehicle or medical expenses following an accident, but your liability, comprehensive, and collision insurance should. An investment in more robust insurance coverage can help give you peace of mind.
Who should get gap insurance?
If you put little money down, opted for an extended loan term, drive more than average, or have a car that depreciates rapidly, you’re more likely to become upside down on your auto loan. Purchasing gap insurance may be a good option in these situations. The leasing company will likely require gap coverage if you lease your vehicle rather than buy. Arkansas law doesn’t require it, but you should read the fine print of your loan or lease contract to see if your lender requires you to purchase it.
Jennifer Brozic is a content marketing writer, specializing in the financial services and insurance industries. She's committed to helping her clients create content that inspires people to take action. Her areas of expertise include insurance, financial planning & budgeting, building credit, loans, credit cards and more.
Edited byKatie PowersAuto and Life Insurance Editor
Katie PowersAuto and Life Insurance Editor
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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